History does not repeat, but it can often rhyme. At the time of writing six retail UK property funds with $18 billion of assets have been frozen to investors sighting ‘’exceptional illiquidity.’’ These fund providers are all household names in the UK. Standard Life, Aviva, Aberdeen Asset Management, Henderson, Threadneedle and Canada Life now have financial products seized shut by market liquidity vanishing just like that. In 2008, Bear Sterns froze two subprime funds (Bear Sterns ultimately failed) in what is often described as the prelude to the GFC, sparking contagion fears around all markets. The 2nd and 3rd round implications from BREXIT continue to playout, and it is too early to know if this will morph further towards a full-blown crisis, or be contained and perhaps another buying opportunity for quality assets. We believe more patience is required with this scare then previous market wobbles in August 2015 and Jan 2016.